>> i think the spanish government, both governments, have been supremely incompetent tent. so basically it was blindingly obvious there was an enormous real estate bubble. it surpassed the real estate bubble in almost any other country. and to insist repeatedly there was no problem meant all this time they could have recapitalized the banks earlier on when capital markets were more benign and sympathetic. instead, they just wasted that and then the unemployment rate kept on going up. so they've essentially put off reforms for years claiming there was no problem. and i think had they had a short sharp down turn, they would have been in a much better position. think of ireland, for example, which nationalized all the banks. bond holders took losses. and ireland now is actually turning around. so ireland still has problems, but at least -- spain now has a 25% unemployment rate, 50% youth unemployment rate and leading economic indicators are still negative. it's not like spain is about to grow in the next three months. >> so what should spain be doing right now? >> what i would